Friday, June 14, 2019 4:00:12 PM
The discussions of the Board resulted in our decision to pay our first dividend in the form of shares of a to-be-created Class “C” Common Stock. As discussed in the attached proxy statement, the Class C shares will possess the following characteristics:
• Any shareholder of record before June ______, 2019 can elect to receive this dividend.
• Shareholders of record of the Class A common stock may receive 1 share of Class C common stock for every 10 shares of Class A common stock they own.
• The Class C common stock will have five times the voting rights of the Class A common stock.
• The Class C common stock will not be tradeable.
• The holders of Class C common stock will be entitled to participate in any future dividends declared by the Board of Directors.
• The Class C common stock will be able to be converted into Class A shares in a ratio split over six years from the date of grant to hedge against any flooding of the market.
This proxy statement is being provided to our shareholders to seek approval to amend our Certificate of Incorporation to permit the Company to issue the Class C Common Shares, as discussed, more fully in the accompanying proxy statement and Articles of Amendment.
In closing, after much deliberation and consultation with our advisors, we feel that this is the best course of action for our shareholders. Thank you!
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